Ethereum daily transaction fees rose to $47.3 million on October 30, marking the highest level recorded for the year 2026. The increase followed a breach at Binance that prompted rapid conversion of stolen funds into tokens and subsequent trading on the Ethereum network.
Gas prices climbed to around 253 gwei on October 29 as demand for block space intensified. The heightened activity boosted competition among arbitrage and MEV bot traders, pushing Ethereum’s transaction volume well above that of other platforms such as BNB Chain ($2.47 million) and Base ($2.71 million).
Whale accumulation
On October 29, an address identified as 0x9EcA bought 16,658 ETH for approximately $37.96 million using USDC. The purchases were executed through Uniswap V2’s Dutch Order Reactor, with individual trades ranging from 349 to 375 ETH and an average price of $2,279 per token.
U.S. demand outlook
Despite the whale’s accumulation, buying pressure in the United States remained weak. The Coinbase Premium index fell to –0.21 on October 29, its lowest level since February, indicating a discount for ETH relative to Binance prices. The index later improved slightly to –0.13, but stayed in negative territory.
Overall, Ethereum’s fee surge and large‑scale accumulation occurred alongside continued uncertainty in U.S. market demand.
